LONDON (ShareCast) - (Sharecast News) - Xtract Resources updated the market on plans for the second phase diamond drilling programme and the results of additional geophysical surveying at the Racecourse Mineral Resource on the Bushranger copper-gold exploration project in the Lachlan Fold Belt of New South Wales (NSW), Australia on Monday.
The AIM-traded company said the programme was on track to start around 15 July, as the necessary approvals had now been received from the state authorities in NSW.

A total of about 8,000 metres of drilling was planned in the first phase of 13 holes using two drill rigs, primarily focussing on further definition of the potentially open-pittable, higher-grade copper-gold zone in the central part of the resource area.

Xtract said a report on the modelling of various open pit scenarios, commissioned from external mining consultants, was expected shortly, with the new drilling to complement that study.

In addition, further processing of the MIMDAS induced polarisation survey data had confirmed a "substantial" sub-parallel chargeability zone to the southeast of Racecourse, covering an area at least as large as the original Racecourse anomaly.

That, it said, could represent an extensive mineralised system on the eastern side of the central porphyry intrusion, with initial drill testing of that target also planned in the second phase.

"All logistics and preparations for the phase two drilling programme are in place - we are planning to commence drilling around 15 July, with the first part of phase two comprising about 8,000 metres of drilling," said executive chairman Colin Bird.

"The geophysics programme has been very successful in highlighting the potential for additional shallow and deep mineralisation at Racecourse.

"The initial part of the drill programme will focus on the shallower part of the system with the objective to confirm and expand current models for a large open pit."

At 0957 BST, shares in Xtract Resources were up 1.43% at 3.67p.

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